Required 1 Required 2Use the expanded accounting equation to compute the missing financial statement amounts.CommonStockCompany Assets12$$Liabilities70,000 = $108,500 = $+23,500 +39,500 +$$35,00059,000< Required 1< PrevDividends$2 of 100 + $$MacBook ProRevenues+26,50039,000Required 2 >Next >Expenses$ 15,500$ 25,500

The accounting equation states that assets are equal to the sum of liabilities and equity. The…

Required 1 Required 2 Use the expanded accounting equation to compute the missing financial statement amounts. Common Stock Company Assets 1 2 $ $ 108,500 = Liabilities 70,000 = $ $ + 23,500 + 39,500 + $ $. 35,000 - 59,000 < Required 1 Dividends + $ 0 + + Revenues $ $ 26,500- 39,000 Required 2 > Expenses $ 15,500 $ 25,500

Required 1 Required 2 Use the expanded accounting equation to compute the missing financial statement amounts. Common Stock Company Assets 1 2 $ $ 108,500 = Liabilities 70,000 = $ $ + 23,500 + 39,500 + $ $. 35,000 - 59,000 < Required 1 Dividends + $ 0 + + Revenues $ $ 26,500- 39,000 Required 2 > Expenses $ 15,500 $ 25,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Stuart Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $900, 000 of cash from the owners. 2. Purchased $345, 000 of manufacturing equipment. The equipment has a $45,000 salvage value and a four-year useful life. Label the purchase of the equipment as Event 2a and the recognition of depreciation as Event 2b. 3. The company started and completed 6,500 modems. Direct materials purchased and used amounted to $55 per unit. 4. Direct labor costs amounted to $40 per unit. 5. The cost of manufacturing supplies purchased and used amounted to $19 per unit. The company paid $65,000 to rent the manufacturing facility. 7. Stuart sold all 6,500 units at a cash price of $195 per unit. Label the recognition of the sale as Event 7a and the cost of goods sold as Event 7b. (Hint: It will be necessary to determine the manufacturing costs in order to record the cost…
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